Developed nations are working to establish a new fund to help combat “loss and damage” driven by global warming. Loss and damage refers to the physical and mental harm that happens to people and places when they are not prepared for climate-driven impacts and are unable to adjust their lifestyles. The fund will pay to repair devastated property or preserve cultural heritage before they disappear forever. The details of where the money for the fund will come from and how it will be disbursed will be worked out at this year’s COP28 conference in Dubai. Some European countries, Canada and New Zealand have already agreed to provide funding to poorer nations. While progress has been made in discussions on the form and scope of the new loss and damage fund, there is disagreement about which areas should fall under its remit. Developing countries want the fund to have a broad scope and include helping finance the humanitarian response to climate disasters, as well as cover gaps in building resilience. However, developed countries, led by the US, prefer a narrow remit that focuses on “slow onset” disasters and “non-economic losses, such as support for communities or island nations to relocate.
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